Where cozy means tiny and charming means needs work.
The extra compensation an agent receives when representing both buyer and seller, also called double-ending. Twice the work or twice the conflict of interest, depending on who you ask.
The total acquisition cost of a multifamily property divided by the number of rental units, providing a quick metric for comparing deals. It's how apartment investors reduce complex investments to a single number they can text each other.
A financial forecast showing what a property could theoretically earn under perfect conditions with perfect tenants in a perfect world. The real estate equivalent of a dating profile.
A metric that pretends all square feet are created equal, whether they're in a penthouse or a basement. It's the real estate version of judging a book by counting the pages without reading any of them.
Either a technical drawing showing how something is built or designed (especially buildings viewed from above), or a set of coordinated actions intended to achieve a goal. Real estate agents live by these; architects obsess over them.
Insurance protecting the lender when you put down less than 20%, essentially punishing you for not being wealthy enough.
A method of property distribution in estate planning where a deceased heir's share passes to their descendants rather than being redistributed. Latin for 'please don't fight over my stuff when I'm dead.'
The home where you live most of the year, receiving favorable tax treatment including capital gains exclusions and mortgage interest deductions. The IRS cares deeply about distinguishing this from your 'vacation home' to prevent creative accounting.
A designated parcel of land awaiting its destiny—whether that's a luxury condo, your aunt's garden, or the emotional arc of your favorite novel. In real estate, it's the canvas; in storytelling, it's the blueprint.
When borrowed money produces a higher return than the interest cost, making you look like a financial genius. It's the Holy Grail of real estate investing: using other people's money to make more money than you're paying them.
A contractual provision allowing agents to market properties privately before hitting the MLS, theoretically to preserve privacy but occasionally to preserve the agent's double commission. The VIP room of real estate.
A preliminary environmental assessment investigating a property's potential contamination history through records review and site inspection, without actually testing soil or water. It's due diligence for avoiding EPA superfund surprises.
A lawsuit filed by a co-owner to force the sale or physical division of jointly owned property when owners cannot agree on management or disposition. It's the legal sledgehammer for splitting property when co-ownership goes toxic.
The legal principle determining which agent earned the commission by initiating the uninterrupted chain of events leading to a sale. The real estate version of 'I called it first.'
A lender's statement that you're probably creditworthy enough to borrow a mortgage, pending closer scrutiny.
A bossy word meaning based on rules or standards rather than what actually happens. In real estate law, it's the difference between 'this is how things should be done' versus 'this is how they're actually done'—very important for property rights and zoning regulations.
A measure, substance, or action that stops something bad from happening before it does—the 'ounce of prevention' approach to life's problems. Think prophylactic maintenance: fix it now so you're not crying later.
The acquisition of property or title by paying money or equivalent value—the formal exchange where you stop dreaming and start owing payments. The moment your bank account cries.
Physical real estate or a tangible asset; what real estate agents spend 40% of their time showing you while you check your phone. The business of convincing people that paying $500k for a shoebox is 'an investment.'
A contract between a property owner and a management company outlining services, fees, and responsibilities for operating and maintaining the property. It's the document that determines whether your landlord actually fixes your toilet in a timely manner.
A written promise by a borrower to repay a loan at specified terms, serving as evidence of the debt. It's basically a formal IOU that a lawyer drafted.
Buying a property, renovating it, and quickly reselling for profit. A high-risk strategy that only works in appreciating markets and when unexpected costs don't destroy margins.
Lending practices that exploit borrowers through high rates, hidden fees, or complex terms—basically, the lender is the wolf and you're in an increasingly questionable deal.
Insurance required by lenders when a borrower puts down less than 20%, protecting the lender (not the borrower) if you default. It's a tax you pay for not having enough money.